"The situation here is tense." Russian oligarch Boris Mints moves to London with extended family

"The situation here is tense." Russian oligarch Boris Mints moves to London with extended family
Boris Mints Photo: Photo: Sergey Porter / Vedomosti

The O1 Group owner is known to have had a multibillion-ruble debt to creditors, which forced him to sell some of his assets and get the Maltese citizenship.

Russian businessman Boris Mints and the three of his sons with their families moved to London, Vedomosti reported citing its sources. The reasons for the move are unknown; the source only said: "the situation is tense, it's safer to leave."

The Cyprus-based Riverstretch Trading & Investments (RT&I) might get Boris Mints’ key asset, O1 Properties. The deal could be closed in the next few weeks; the amount of the transaction is unknown.

Earlier it was reported that O1 Group, 100% of which belong to Boris Mints, was selling its largest asset, O1 Properties Limited. The buyer is the Laysa Group, Russian Railways’ exclusive partner in advertisement placement in railroad stations and on trains. The buyer undertook to repay O1 Group’s loan to PJSC Moscow Credit Bank for a total of about 25 billion rubles ($403.5m).

In March, it emerged that Boris Mints could sell his Budushchee pension fund. Among the possible buyers were Blagosostoyanie, Gazfond-PN pension fund, the Otkrytie Bank, the Moscow Credit Bank and VTB.

It was then that Navigator and Management Consulting, the companies managing the money of Otkrytie’s pension funds, sued Mints’ O1 Group for 4.7 billion rubles ($75.9m).

In January 2018, the website of the Maltese Government said that Boris Mints and his family members became citizens of Malta; a source close to the businessman confirmed the information.

Forbes estimates the businessman’s worth at $1.3 billion. He started as Anatoly Chubais’ deputy in the 90’s. Then they created a joint fund for investments in securities. In 2000, he headed the executive committee and the financial and budgetary committee of the Union of Right Forces.

Tags: Moscow Banks
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